13 Best Biotech Penny Stocks to Buy According to Hedge Funds

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5. Nuvation Bio Inc. (NYSE:NUVB)

Share Price as of April 14: $1.99

Number of Hedge Fund Holders: 34

Nuvation Bio Inc. (NYSE:NUVB) focuses on unmet needs in oncology by developing differentiated and novel therapeutic candidates. Its lead product candidate is taletrectinib, which is a ROS1 inhibitor specifically designed for the treatment of patients with ROS1+ non-small cell lung cancer. It also offers Safusidenib, NUV-1511, and NUV-868.

The company’s lead program remains taletrectinib, which is a next-generation ROS1 inhibitor for advanced ROS1+ non-small cell lung cancer (NSCLC). The FDA granted Priority Review to its NDA with a PDUFA goal date of 23 June 2025, which indicates a potential US launch in mid-2025. Taletrectinib is already approved in China and is being commercialized by Innovent Biologics. A Marketing Authorization Application (MAA) has been submitted in Japan by Nippon Kayaku as well.

Nuvation Bio Inc. (NYSE:NUVB) also launched a US Expanded Access Program (EAP) in February 2025 for eligible patients. The upcoming FDA decision on taletrectinib will be a key milestone and will unlock funding and establish taletrectinib as Nuvation Bio’s first commercial product in the US. As of 31 December 2024, the company held $502.7 million in cash and marketable securities.

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